Latest news with #226
Time Out Abu Dhabi
5 days ago
- Business
- Time Out Abu Dhabi
Your guide to the rising property prices in Abu Dhabi
House hunting in Abu Dhabi? You might want to start saving a little more aggressively. The capital's property market has just clocked its strongest capital gains in three years, even though sales activity has taken a tumble. That's according to ValuStrat's latest Q1 2025 report, which shows a market surging in value while grappling with a slowdown in transactions. Property values rose by 2.1 percent quarter-on-quarter and a healthy 7.2 percent year-on-year, with the ValuStrat Price Index now sitting at 125.6 points. Villas led the charge with a 9.7 percent annual increase, while apartment prices grew by 4.5 percent over the same period. Villas on Saadiyat Island saw the biggest jump, with prices up by a whopping 21.2 percent year-on-year. Al Raha and Mohammed Bin Zayed City also saw noticeable growth. As for apartments, Al Reef topped the list with a 7.5 percent annual boost, followed by Saadiyat Island and Al Muneera. The average home in Abu Dhabi is now valued at Dhs10,226 per square metre, with apartments averaging Dhs10,979 and villas at Dhs8,407. And it's not just prices that are climbing – rents are surging too. Apartment rental rates rose by 11.6 percent annually, while villa rents grew by 6.3 percent. A typical studio now goes for Dhs63,000 a year, with a one-bedroom hitting Dhs89,000 and a two-bedroom costing Dhs125,000. Larger homes are significantly pricier, with villa rents averaging Dhs245,000 annually. Despite the appetite for homes, the number of new units coming online remains slim. Only 90 apartments and 189 villas were completed in Q1, representing just two percent of the 2025 pipeline. Still, major developers aren't staying quiet. Aldar launched Mamsha Gardens on Saadiyat Island, IMKAN announced Naseem Al Jurf in Ghantoot Taraf teamed up with Marriott International to deliver W Residences on Al Maryah Island. Sales volumes told a different story. Overall transactions fell sharply – down almost 43 percent quarter-on-quarter – with off-plan sales plunging by 79 percent year-on-year. Yet the average home price is on the rise. Ready property prices jumped by nearly 6 percent, with the average ready home now fetching Dhs1,146 per square foot. The average transaction size increased to Dhs2.6 million. In the commercial sector, Abu Dhabi's office market is thriving. Asking rents climbed more than 30 percent over the year, driven by strong demand and high occupancy in central business districts. Retail is holding its own too, with Yas Mall reporting 97 percent occupancy, an 18 percent jump in footfall a 10 percent rise in tenant sales. The hospitality industry continues to shine, with average room rates hitting Dhs683 – a rise of 37 percent year-on-year – and occupancy reaching nearly 87 percent in early 2025. With 5.2 million guests in 2024, Abu Dhabi is firmly on the global tourism radar hotel supply is expected to exceed 50,000 keys by 2030. New entries to watch include the UAE's first Mondrian Hotel in Downtown Abu Dhabi and a new Waldorf Astoria at the former Anantara Eastern Mangroves site. So whether you're buying, renting, investing or just keeping an eye on trends, the message is loud and clear – Abu Dhabi's property market is booming it's not slowing down anytime soon. More going on in Abu Dhabi UAE residents can now save big time on flights thanks to a new Skyscanner feature No complaints here You can now get a robotaxi from Zayed International Airport Trips to the airport just got an upgrade Abu Dhabi's best restaurants: Everywhere you should eat at least once Your dinner inspo is sorted 20 incredibly fun ways to explore Abu Dhabi after dark The city is at its most fascinating once the sun goes down
Khaleej Times
20-05-2025
- Entertainment
- Khaleej Times
The secret life of UAE billionaires: What goes on in the kitchens of the rich and famous?
There is something satisfying about watching the rich and famous eat something evil and forbidden. Like bread. Instagram and TikTok reels and videos on rich celebrities' diets are very popular, and Harper's Bazaar even had a series on YouTube, titled Food Diaries, where Hollywood celebrities revealed what they eat in a day — the one that featured Gwyneth Paltrow was viewed 3.3 million times. So, clearly, everyone wants to know what the rich eat and private chefs are perhaps the only ones who have a deep understanding of the elite's relationship with food and dining. Innovation is the need of the hour Private chefs have the unique responsibility of feeding some of the wealthiest people on the planet, and the only way to do that is to stay versatile and creative, by constantly coming up with fresh ideas and menus designed around clients' requests, diets, and whims. A billionaire's kitchen is exactly how we, the more financially challenged, imagine it to be. Food is prepared on carefully selected cooking equipment made of stainless steel, cast iron, glass, or ceramic — non-stick and aluminium pots and pans are banished from the kitchen. Detailed instructions are issued to chefs through exhaustive (and exhausting) lists — be it about the specific cleaning product that they would like their fruits and vegetables to be washed in, or the number of eggs they would like for breakfast every day. Meals are not 'made', they are crafted. And they also need to be calorie-counted, healthy, organic, and served with a flourish just like at a fancy restaurant. Everything, like pasta, noodles, sauces, dips and so on, are made in-house using the best, most premium ingredients. Some of these ingredients and products are imported (although that doesn't happen too often in a city like Dubai, which is a luxury connoisseur's paradise), purchased from high-end stores like Spinneys, Waitrose and Prime Gourmet, or through private suppliers. It's not unusual for ultra-high-net-worth (UHNWI) households to spend 20,000 to 30,000 euros (Dh83,226 to Dh124,839) per month on food for a family of five. 'The chicken, for instance, would be around Dh250 per kilo,' says premier private chef Luca Napoleone, who has worked with royals, well-known UHNWI, VVIPs, actors, and football players. Alexandre Chebila, a private executive chef who specialises in UHNW and VVIP dining, explains that most of the meat that one gets in Dubai is from Australia or New Zealand, and that he likes to, instead, source Argentine meat from premium suppliers like Las Pampas in Dubai. 'The Argentine beef is of really good quality,' he explains. 'You need to have your own suppliers.' The fabulous lives of the rich Exploring the eating habits of the wealthy reveals a fascinating contrast. While most are disciplined and like to stick to rigid schedules, private chefs also unanimously agree that their wealthy clients are prone to changing their minds very often when it comes to the day's menu. 'They are not sure what to have,' says Abu Dhabi-based private chef Andrew Crellin from Royal Maison, which is a domestic staff provider that works with affluent clients in the UAE. 'Sometimes, they're not sure if they're going to fly to America tomorrow or to Australia the next day, because they don't have to worry about how much it costs.' Napoleone, too, says that they can change their minds about having a meal that may have cost between Dh2,000 and Dh3,000 to prepare. 'They might choose to go to a restaurant instead,' he adds. Chebila says he's seen clients change the entire menu an hour or two before dinner. 'We may have decided on an Indian menu with curries, butter chicken, biryani and dishes from Kerala, but an hour or two before dinnertime, the client will come and say, 'I want Italian or Mexican.' So, you always need to be ready for such requests.' None of the food actually goes to waste though, they add, as it is usually distributed among staff. Some of them are quite reclusive, while others like to host guests as often as five times a week but when it's time to throw a party, they like to go all out and arrange a lavish spread with multiple dishes. 'They hire chefs from abroad, like for example, a famous restaurant in Japan,' says Napoleone. 'They fly the chef into Dubai and pay him for one day to prepare the food and everything. And then the chef flies back home the same day.' The question of fast-food We have more burning questions: for instance, has a bite of junk food ever passed through their expensive lips? While clients avoid sugar and try to get their kids to eat healthily, the kids indulge in fast-food occasionally, especially when they have friends over, says Crellin. 'Then they will just order in a massive McDonald's,' he laughs. Private chefs predict their clients' needs even before they are verbalised. Napoleone, for instance, takes note if a client tends to request a particular dish on a particular day — like lasagna on a Saturday — and likes to keep it ready every Saturday 'regardless of whether they ask for it or not', as it takes time to prepare. They often travel around the world with their clients to luxurious, exclusive holiday destinations in Turkey, Greece, France, Italy, and Spain. Once, when a family holidayed at their palace in Pakistan, Napoleone remembers that the ingredients were flown in from the UAE. And another time, his clients loved the food at a wellness clinic in Switzerland so much that they sent him there for 10 days to study the food so that he could make it at home. And sometimes, if they love a particular dish at a restaurant in Dubai, they ask him to go there and check it out. 'They book and pay the restaurant just for me to go and eat the food so that I can make it at home,' explains Napoleone. He tries to explain the ultra-rich and wealthy's love for such luxurious dining. 'Once my client, who is very, very rich, told me that he already has everything that the world can offer him. Let's say you buy a Bugatti today, you will still get used to it after two or three weeks. And once you get used to the best, what do you do? But the only thing that you will never get used to is food, because regardless of how much you eat today, you will still be hungry tomorrow morning.' THE DAILY LIFE OF A BUTLER Last year, Kristine Jabunan worked with Errol Musk and his business partners as a personal butler in Dubai. 'It was very nice working with them,' says Jabunan, who is from Royal Maison. 'Actually, he is very funny and likes making jokes. And they were very generous as well.' Her services are personalised according to her clients' needs, but she broadly manages the housekeeping staff, organises the wardrobe (clothes are arranged according to the brand and material), takes care of the laundry, works as a personal assistant to clients, packs their luggage for overseas trips, prepares meals, and books flights. 'Clients are very strict about keeping time,' she explains. 'We follow a timetable and I prepare everything accordingly.' And, they don't walk into stores like we do. 'For example, if they want to go to this Rolex shop, I need to book it first before we go there. Or, I will order it online as some of them don't have the time to go to shops. Once, I ordered a makeup brand from Europe for a client as it was sold out in Dubai.' 'Once you really get to know them, you realise that they're just normal people,' she continues. 'This one time, I took care of a particular client who was very sick. She had just returned after travelling abroad and she cried, wanting to see her mother who stays in another country, and I arranged a video call. It made me realise that they are just like us.'
Time of India
19-05-2025
- Business
- Time of India
Pune-based Agarwal can save Rs 10.5 lakh tax in new tax regime via corporate NPS, debt funds
Pune-based Piyush Agarwal works at a senior position in a software company. He is paying a high tax even though his salary structure is fairly taxfriendly. Nearly 35% of his income goes in tax because of the 25% surcharge on incomes above Rs.2 crore. If he invests in tax-efficient instruments and claims all the deductions available to him, he can significantly reduce his tax outgo. Agarwal has opted for the new tax regime because he finds it less complicated and it allows him to invest as per his convenience and preference. Though there are no deductions under Section 80C in the new tax regime, there is an opportunity to save tax through NPS . If he reduces his special allowance by Rs.10,51,226 (14% of basic salary) and opts for the corporate NPS benefit from his company under Section 80CCD(2), his tax can reduce by Rs.8,75,919. The NPS benefit does not add to wage cost or paperwork for the company, but it lowers the tax outgo for employees. The tax savings are high because the deduction reduces the surcharge payable on the tax. Agarwal has invested Rs.65 lakh in fixed deposits and earns an interest of Rs.4.5 lakh on this. If he switches to debt funds or arbitrage schemes, he can save Rs.1.75 lakh in tax. Arbitrage funds are treated as equity schemes for tax purposes and long-term capital gains of Rs.1.25 lakh are tax-free in a year. To avoid tax on fixed deposits, Agarwal should also open a PPF account and start putting Rs.1.5 lakh a year in it to build a tax-free corpus. Live Events Agarwal and his family are covered by a group health plan from his employer. Under the new tax regime, there is no deduction for health insurance premiums, but he should still buy an independent health plan for himself and his family. WRITE TO US FOR HELP Paying too much tax? Write to us at etwealth@ with 'Optimise my tax' as the subject. Our experts will tell you how to reduce your tax by rejigging your pay and investments.
Al Etihad
14-05-2025
- Business
- Al Etihad
Abu Dhabi real estate market builds growth across the board
15 May 2025 00:21 MAYS IBRAHIM (ABU DHABI)Abu Dhabi's real estate market recorded steady and broad-based growth in the first quarter of 2025, with gains across residential, office, retail and hospitality segments, according to ValuStrat's latest market ValuStrat Price Index (VPI) for the residential sector rose 2.1% quarter-on-quarter (QoQ) and 7.2% year-on-year (YoY) to reach 125.6 points, based on a baseline of 100 in Q1 outperformed apartments, appreciating 2.7% QoQ and 9.7% YoY to 134.7 points. Apartment prices rose 1.5% QoQ and 4.5% YoY to 116.9 average home value in Abu Dhabi reached Dh10,226 per square metre, with apartments averaging Dh10,979 per m2 and villas Dh8,407 per villa submarkets, Saadiyat Island led annual capital gains for villas, up 21.2%, followed by Al Raha 8.2% and Mohammed Bin Zayed City 4.7%.Rental values mirrored sales performance, with the residential rental VPI rising 2.2% QoQ and 9% YoY to 121 rents grew 3.4% QoQ and 11.6% YoY, while villa rents remained flat quarterly but were up 6.3% annually. The average gross rental yield stood at 7.8%, with apartments yielding 8.3% and villas 6.7%.The average annual apartment asking rents in Abu Dhabi City hit Dh114,000. Studio apartments averaged Dh63,000; one-beds Dh89,000; two-beds Dh125,000; and three-beds Dh180, Reef (3.4%), Al Bandar (2.8%), and Al Muneera (2.5%) saw the highest quarterly rental increases. Market Activity and SupplyThe first quarter saw the handover of 90 apartments and 189 villas, representing 2% of the expected 2025 residential pipeline of 13,941 units. Major projects progressed across Saadiyat Island, Zayed City, Ghantoot and Masdar City, reflecting developer off-plan sales slowed due to fewer new launches, average prices and transaction values rose, according to the property transaction volumes dipped 33.6% QoQ but climbed 13.6% YoY. The average price for ready homes reached Dh12,335 per m2, up 5.8% YoY, while the average transaction size surged 28.9% QoQ to Dh 2.6 transactions dominated activity, accounting for 2,846 deals totalling Dh9 billion, compared to 1,375 cash transactions worth Dh5 billion. Strong Gains Across Property SegmentsAbu Dhabi's office market remained resilient amid high occupancy and rental growth. Asking prices for office units climbed 6% QoQ to Dh2.25 million, while rents in core commercial districts jumped 8% QoQ and 31.8% YoY. Occupancy in these areas reached 90.5%. The city's total office supply stood at 3.9 million m2 of Gross Leasable Area (GLA).Key additions this year include the HB Office Tower on Yas Island and Masdar City Square, the latter set to contribute 50,000 m2 of new space in Q2 continued to benefit from strong footfall and tenant sales. In Q1 2025, shopping centre stock totalled 1.95 million m2 of GLA in UAE's e-commerce market is forecast to surpass Dh48.5 billion by 2028, with online sales expected to make up 15.3% of the total retail hospitality sector posted impressive growth, buoyed by tourism, the report occupancy in Abu Dhabi averaged 86.9% in the first two months of 2025, a 1.2% increase YoY. The city welcomed 800,000 hotel guests by February, with 5.2 million visitors in total during 2024 – a 28.7% annual average room rate rose 37.1% to Dh683, and revenue per available room (RevPAR) jumped 38.7% to Department of Culture and Tourism expects total hotel supply to exceed 50,000 keys by 2030, up from 34,372 in February 2025. Upcoming additions include the Mondrian Hotel in Downtown Abu Dhabi and the Waldorf Astoria, set to open at the former Anantara Eastern Mangroves site, offering 167 rooms with views of Mangrove National Park.
